NASSAUSUFFOLK

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  • 1.  insurance reimbursement

    Posted 09-02-2015 12:36 PM


    So this guy’s principal residence burned pretty much to the ground. He received full reimbursement from his insurance company so there’s no issue about a causally loss deduction.  He may not want to rebuild, pocket the cash, rent for a while and MAYBE rebuild sometime in the future. 

    Are there any tax issues with the insurance reimbursement?

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    Daniel Levine,CPA
    DANIEL LEVINE, CPA PC
    Scottsdale AZ
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